Inventory Accounting – Is it Important?
Inventory Accounting – Is it Important? Inventory Accounting is keeping track of your inventory, the time it takes to sell, and the profit made on each product. It is essential to track inventory if you want to manage your business effectively. What counts as inventory? Inventory is anything you buy to on-sell, including fully-completed items […]
Budgets Are Boring! 5 Ways to Spend Less Easily
Budgets Are Boring! 5 ways to spend less without one. If you hate budgets and budgeting and find it sooo boring, how can you easily cut your spending? Here are five ways to save without tracking every transaction: Confession Time… We Love Budgets! We actually love budgets, even though they have a boring reputation. They’re […]
Breakeven Point – What’s Yours?
Breakeven Point – What’s Yours? Understanding your business breakeven point is essential to know how much money you need to make to stay in business. It can therefore help you make well-informed financial decisions and practical business plans. The breakeven point is the income or sales needed to cover all costs. Any earnings above this […]
UPDATE: Working From Home Deductions
UPDATE: Working From Home Deductions Starting from the 2023 financial year, there are new rules for keeping records and calculating deductions for people who are working from home. There are now two ways to work out your deductions: the actual cost method and the revised fixed rate method. The revised fixed rate method has been […]
Cashing Out Annual Leave – Here’s How
Cashing Out Annual Leave – Here’s the Lowdown Are your staff asking about cashing out annual leave? There are some important rules to remember before paying out annual leave. Firstly, you must review the employee’s modern award to check that cashing out leave is explicitly allowed. Most awards allow for excess annual leave to be […]
Business Tips: Go Digital and Cloud
Business Tips: Go Digital and Cloud Transforming into a digital and cloud business sets the best possible infrastructure for future growth. And, as your business scales, the benefits of going digital will become apparent. Running your key business processes in the cloud and using the latest digital software and apps adds to your efficiency and […]
Business Performance vs ATO Small Business Benchmarks
Your Business Performance vs ATO Small Business Benchmarks Are you interested in comparing your business performance against the ATO Small business benchmarks? It can be a valuable exercise to see whether your business is performing well, on average, or lower than the benchmark figures. Each year the ATO publishes industry-based data to highlight specific ratios of […]
Spend Efficiently with Digital Credit Cards
Spend More Efficiently with Digital Credit Cards Do you need to manage expenses for your business and team? Digital credit cards have been around for some years but have recently grown in popularity. Their user-friendly practicality is becoming appreciated by many business owners. How do Digital Credit Cards Work? The provider issues a digital card […]